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Alan Greenspan: "Greece Will Leave The Eurozone" And "There Is No Way That I Can Conceive Of The Euro Continuing"
Every two weeks or so on average, we ask ourselves: why do central bankers only tell the truth after they have quit their post (rhetorically, of course). The last time it was the BOE's former head Mervyn King, who said that "more monetary stimulus will not help the world economy return to strong growth." This took place long after the BOE, under his watch, unleashed its own QE back in the early days of the great financial crisis. Another example: back in November, the Fed's own former head, the person who single-handedly unleashed the great moderation and led to the current terminal financial state where the global economy bounces from one bubble to another even bigger bubble or else everything implodes, Alan Greenspan said "Gold Is Currency; No Fiat Currency, Including the Dollar, Can Match It."
It was another statement by the maestro that has caught the world's attention, this time opining on Greece, when he told BBC Radio's the World This Weekend that "Greece will leave the Eurozone. I don't see that it helps Greece to be in the Euro, and I certainly don't see that it helps the rest of the Eurozone. It's just a matter of time before everyone recognizes that parting is the best strategy.... At this stage I don't see any people who are willing to put up the funds for Greece... All the cards are being held by the members of the Eurozone." Naturally, this is just what anyone with a functioning frontal lobe (which immediatley excludes all tenured economists) would have said 5 years ago.
And it wasn't just Greece that the Maestro decided to throw under the revisionist history bus: he took a stabe at the Eurozone itself. "The problem is that there there is no way that I can conceive of the euro of continuing, unless and until all of the members of eurozone become politically integrated - actually even just fiscally integrated won't do it."
"Take a look at the Maastricht treaty. There is no indication of any conceivable way of unwinding the Euro and that was done purposefully but that' doesn't mean that the markets won't pull them apart and indeed I would suspect that what's allowing the big surge to go on, or will go on, in ECB expansion is what Draghi said originally when he came up with the so-called OMT, which meant lending to anybody for any occasion. If that doesn't work: if numbers start to borrow under the OMT facility and something goes wrong, what happens then? And if you're talking about a crisis - that is a crisis. Greece leaving the Eurozone is miniscule compared to that as an issue."
His conclusion: "short of a political Union, I find it very difficult to foresee the Euro holding together in its current form. It probably could get a union of Germany, Austria, Luxembourg, the Netherlands, Finland for example. But not south Europe."
With anti-Europe, anti-austerity, anti-Merkel political parties storming to the forefront in most peripheral European nations, Greenspan is right for once.
Which is not to say he said anything that these pages haven't covered extensively in the past. Recall this exchange at the April 2013 ECB meeting:
Scott Solano, DPA: Mr Draghi, I've got a couple of question from the viewers at Zero Hedge, and one of them goes like this: say the situation in Greece or Spain deteriorates even further, and they want to or are forced to step out of the Eurozone, is there a plan in place so that the markets don't basically collapse? Is there some kind of structural system, structural safety net, especially in the area of derivatives? And the second questions is: you spoke earlier about the Emergency Liquidity Assistance, and what would have happened to the ELA in Cyprus, the approximately €10 billion, if the country had decided to leave the Eurozone?
Mario Draghi, ECB: Well you really are asking questions that are so hypothetical that I don't have an answer to them. Well, I may have a partial answer. These questions are formulated by people who vastly underestimate what the Euro means for the Europeans, for the Euro area. They vastly underestimate the amount of political capital that has been invested in the Euro. And so they keep on asking questions like: "If the Euro breaks down, and if a country leaves the Euro, it's not like a sliding door. It's a very important thing. It's a project in the European Union. That's why you have a very hard time asking people like me "what would happened if." No Plan B.
So much for the European "Union" then? Worse, it looks like Europe's political capital just ran out and Zero Hedge, even if it is filled with people "vastly underestimate the amount of political capital that has been invested in the Euro," can't wait to ask Mario Draghi the logical follow-up question in an upcoming ECB press conference following the Grexit: "what happened?"
Full interview with Greenspan below.
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Hmmm. As I suspected, the EU and Greece will work something out.
Greenspan, aka Captain Oblivious! ;-)
Looney
....Greece and Iceland will soon replace Switzerland, Monaco, Grand Bahamas for the elite secret offshore investments/safe havens?
Greece will leave but Portugal an Ireland will stay? Then they will leave, but Spain Will stay? Spain will leave but Italy will stay? Then Italy's gone but France will stay?
Germany and Holland will be the new Eurozone?
Greenspan also said that Lincoln Savings and Loan was solvent.
There is no plan B for the Euro
- Mario
Once he responds to ZH, then you know it's all down hill from here, for it reminds me of the only way "real" news was circulated in the old Soviet Union was by way of humor. Here, it's the same miasma that even those in power no longer know what is real or not, because of all the wrappers and layers of lies, falsehoods and deception. So, they Must Now Come to The Hedge.
Well done, Tyler
Very well done
Kudos
PS The Euro will continue. Whatever happens, they'll still call "something" or other, a "Euro"
Praise Be the State! All's Solved (Until after August vacation, hopefully)
When Draghi said that a few years ago he immediately recoiled when he heard the term "Zerohedge" which means;
1) He knows about ZH and our "economic/common sense" leanings
2) He either has someone read ZH for him, or he reads it himself.
So if you work for M. Draghi, and are reading this pass along this message:
"Fuck you you piece of shit." -- ZeroHedge
If you are Mario Draghi, please see above.
+1 for "miasma", knuckles
"The LBMA paper rig on gold and silver is collapsing and the Germans and the French have figured out what a bunch of b.s. artists the Anglo-American axis are and are aligning with Russia.
The Euro crisis is the best way we can conceive of talking about something else driving gold and silver through the roof. We're going to call it 'the fear trade'.
I suspect that these comments by Greenspan is setting up some folks for a short squeeze.
I know we all hate Greenspan here, but didnt he also say that (and Im paraphrasing) "we can gaurantee all government payments but we cannot gaurantee their purchasing power." and didnt he also recently recommend buying gold? I'm mean maybe hes right....
The entire purpose of the eurozone was to fail and place further downward pressure on the world economy. Apparently that piece of the end game draws near as it has become the meme du jour.
Hysterical is the word that best describes the Chosenites in this moment. They're terrified that we the people are going to take OUR money printing presses BACK from them. Greece just took their printing press back. Who will be next? Ukraine? France? Cypress?
france be the very last to do something against usa.
save brain power, do not even think to this improbability.
Old Greedspun has either had an epiphany - or is now far enough removed from the machine and close to the grave - that he can be honest.
If the Euro fails, the ZWO fails.
The entire reason for the construction of the euro was to centralize the control of europe's money and thus also their populations.
I don't get it, quite.
Alan Greenspan, maistro of loose money and asset bubbles, is now hailed as a hero at ZH for pointing out that Greece would be better off printing dr000,000,000chmas like zim dollars than staying in the Euro.
Mario Draghi, hapless soul trying to hold together the hardest currency the Greek people will ever see in their history, is the villain.
What exactly is Mario's sin --
1) having ever bailed out Greece in the first place?
2) refusing to give them more money now?
It can't really be both, can it?
The great "flaw" of the Euro, I should note, is that it constrains individual countries' money printing urges. That's a "Keynsian" critique of the Euro, so pardon me while my head spins at seeing it endorsed at ZH. Since when does ZH love money printing?
I understand the critique of the Euro from the hard money side -- that there was such a hunger in the financial system for debt denominated in hard currency that eurozone countries were enabled and encouraged to borrow much more than they should; and then (gasp) actually expected to pay it back. To a true purist, perhaps the most hateful thing is any attempt to create a currency that exists somewhere in betweeen gold and confetti.
The best way forward for Europe, I think, would be to preserve the euro stripped of the moral hazard. No bailouts. Strictly limit bank exposure to debt of untrustworthy sovereigns, even if it's denominated in euros. Then let countries choose freely. If you want the benefits of a hard currency, join up. If you want the "benefits" of confetti with numbers, get a printer.
>> Since when does ZH love money printing?
When it works to collapse the existing system...
"The great "flaw" of the Euro, I should note, is that it constrains individual countries' money printing urges."
The ECB is running QE. There is money printing galore and there will be more.
He's getting old and senile and starting to let the truth slip out accidentally and at inappropriate times. That's a s close as I can get to an answer for you.
I hope his bowels are suffering from the same condition.
Greece could always take their Au/Ag bullion and "MINT" real Money!
well said
Just so we're all clear...it's pronounced "Oy,rho" up here in Frankfurt.
and his wife Andrea Mitchel was one of young Lincolns mistress and she was considered a couger then.
WOW... MeanWhile Back At The Gruenspan Ranch...
A Ferrari 250 GT California Spider (1961) sold for 14,2 million euros in Paris on February 6, 2015. An ultra-rare Ferrari that once belonged to actor Alain Delon and was discovered rusting under a pile of old magazines on a French farm fetched 14.2 million euros (16.2m USD) at auction yesterday.
http://artdaily.com/
I wouldn't associate Ireland with the group of unproductive deadbeats you cite... the country is an example of how to atone for sins of the past and make good on obligations.
"Greece will leave but Portugal an Ireland will stay? Then they will leave, but Spain Will stay? Spain will leave but Italy will stay? Then Italy's gone but France will stay?"
Don't worry. Germany will unit the Euro zone, whether they like it or not.
kcuf
Your lips to gods ear
Iceland already tried being banker for the world Didn't work out so great.
they had to drag him to opine?
Well, y'all know the drill. Make redactive sounds once out of orifice to ensure one's remembrances are enshrined as worthy of praise and worship.
No dismembering for you. He once thought gold was the ultimate money.
Greenspan gave you the answer. The plan has always been a fully Federated Europe with centralized government.
Then the real thievery and enslavement can begin.
I have thought about this -- and I don't see how it can happen.
Change such as this requires a complete collapse.
I do not see a complete collapse occuring and the EUR remaining the currency of the block. See, DB's derivative exposure.
Thus, they would have to convience the block to give up their respective identities without a collapse.
They want a complete collapse. The Euro doesn't matter, people will accept whatever they're given, and will kiss the ass of those who give it, if it's food and a modicum of safety. Which is doubtful, since no army is big enough to patrol such large areas. I don't think they're going to share their food, either.
These demon worshippers are turning the Earth into a vast wasteland. Absolutely unbelievable to watch. It seems the Russians and Chinese are not interested in going down this path, but Western nukes will drag them into it regardless.
We are watching the end of all life on this planet by demonic design.
Well hell, satan will have to keep a couple of vessles around to posses and make their heads do 360 degree turns.
We are watching the end of all life on this planet by demonic design
The wealthy SOBs have decided that if they cannot live forever, the rest of us will have to die with them.
Yeah, Greenspan = Genius
"There is no housing bubble..."
Yeah, and when there was irrational exhuberance in the stock market Greenspan did not increase margin requirements, nor did Bernanke, nor Yellin. And derivatives are wonderful because they spread the risk, or rather pass the risk---to AIG. Keep the good times rolling until the Big Bailout or Big Bang.
Yeah, and when there was irrational exhuberance in the stock market Greenspan did not increase margin requirements, nor did Bernanke, nor Yellin. And derivatives are wonderful because they spread the risk, or rather pass the risk---to AIG. Keep the good times rolling until the Big Bailout or Big Bang.
Who is it that continues to let that inglorius bastard into the conversation. He is totally irrelevant.
The Greeks finally leave? Gosh, a wet dream comes true.
then they will come for you ... you little fucker
Get out of my EU, you Greek parasites. The African Union seems to me a proper place for you to be. Apply for membership there, MAYBE they take you.
my EU ? you are too ignorant to even say anything ... my guess results of Stassi's experiments ...
You are an egregious piece of shit.
Are you and Wolfie a tag-team? The Hubristic Huns?
Shit yeah! Then they could adopt the Central African Franc!
http://en.wikipedia.org/wiki/CFA_franc
I would expect nothing less from a German.
And where are you from?
then they will come for you ... you little fucker
define "they" or are you rambling on about the Federales in Germany again?
I think, if Greece leaves the Eurozone Germany will be the next. If Greece doesn't leave the Eurozone Germany will be the first.
Germany? give me a break ... what is germany? a burned out completely country which they built it from zero ... and by "they" i do not mean the peasants who worked hard and all that BS... now who do you think controls it? merkel ? okay i got a bridge to sell you...
I also think if Greece leaves the Eurozone Germany will be the next.
I see you ended up with the bridge...
so which hedge fund's books is Greenspan talking?
Greece will not leave voluntarily; look up the videos of Tsipras and Varoufakis i posted in the other thread. Greece is bonded to Europe as much as Europe is bonded to Greece.
Dumping Greece will be like dumping a 2X divorcee with 3 bastard daughters (not yours) after 10 years of marriage to your home equity and credit cards.
Greece has become accustomed to the EU lifestyle and will expect alimony-just like the ex.
That's when Lord Putin comes riding in on a white horse with "a big fucking dick this looooong!"
Greece has become accustomed to the EU lifestyle and will expect alimony-just like the ex.
Hey Smitty... Isn't that a little like the "pot calling the kettle black" nearly 65 years and $250 billion in the red later for the American taxpayer in the outpost called "J"srael that constantly bites the hand that feeds it?!!!
Now get back to your lox and bagel!!!
.
Politically integrate the eurozone? Under what a fascist dictatorship?
What do Swissbankers have in common with broke poor Socialist Muslim refugees?
The status quo has lost control many times in the past and they will lose control now. Their obscene amount of greed and corruption is their undoing, regardless of how many levers they can pull.
Every corrupt act requires the lever to be pulled once more to offset the damage, until there's no more levers and no more leverage.
Euro died when germans rejected that ECB did QE. Europeans forced Draghi to buy 8% of QE, the rest would be "voluntary" by national central banks
Euro is dead
Agreed. The euro should be dead. It reduces competition. It is a socialist fascist wet dream doomed to failure.
This guy needs some protection...
http://www.thegatewaypundit.com/2015/02/gallup-ceo-i-may-suddenly-disapp...
Well...
At least the evil son of a bitch is spouting truth(s) since the close of 2014 with his "little gold story".
Now let's see if he wants genuine redemption before meeting his great reward for all his sins by doing something bold like reading this to the German Parliment and EU in Brussels before it's too late! I'd even say take it to the American people Mr. Greenspan as well. But even if he was given the "green light" by the BBG to do so, the cud chewing public at large would neither understand or even care!
The only miracle that will save us at this point needs to happen from outside the border(s) of the United States with the U.S. military living the UCMJ "for a change"!!!
Alzheimer's.
Perhaps, or just channeling Ayne.
Now that he has handed his authority to the next Cypher-for-the-Powers-that-Be, we are going to get a few honest comments? I read his auto-biography, its just mouthwash. Must think he is beyond a-visit-in-the-night zone.
short of a political union.... Federal or die.
Now the Greek and Ukraine conundrum points to the same solution : UNITE and BITE the banks (nationalise them and STOP immediately the Casino games and consolidate all debt write offs to start with a clean slate).
Moar predictions from the guy who can't see a bubble until it bursts.
Greedscam should just fuck off! His comments for generations have all been in serivce of the Banks and the Neoliberal oppressive economic model shafted onto most nations of the west. We reached 2008 and fiscal collapse On Greedscams Back! He was the Fed chief who took on the role of Master Market Manipulator. He had frineds in banking and on the Stree whose fortunes he sought to make, at all our expensises. Lies and Dissembling Language where is favorite tactic, while behind the scenes he made Insider Trading on Fed actions the main way to make money in the new Neoliberal economic model. Our nation will implode, the financial crimes are too great, the manipulation too high, and the debts not payable. I predict that genreations in the future will consider Greedscam as an agent of evil second only to Hitler. Greedscam is kind of an Anti-Hitler. Or as I call it the Jewish revenge on western society for crimes of the World War II era. In a few generations Greedscam has transfered most Americna wealth into the hands of a tiny financial minority of bankerrs and traders, most tribe members.
That right Jack, I second that emotion and analysis!
EDIT: aww, seems I've developed a serial junker, sniff sniff, I'm just so sad!
Even Greenscum, says neither will survive, it is going to be a daisy chain reaction, ALL nations will default on the $200 trillion global debt ponzi, nothing will stop it and it is coming real soon.
Even the best prepared may not make it, as it will be total chaos!
Unix you seem to have a real grasp of what this chaos will be as you have hinted at it over and over.. Care to share your details..
Sure, there are $56 trillion reasons why this will happen, plus another $127 trillion on top of that, and then there is a quadrillion bets on top of that. The illusion is there will be a fix to the US debt ponzi. Add another $200 trillion in global debt, and well, you get my drift.
usdebtclock.org
46 million on foodstamps, 101 million out of work in US alone.
The crony leaders and oligarchs are about at the end of the road, we shall see if Greece forces the issue financially.
Wars in Ukraine, ME and possibly China-Japan, Norks, the geopolitical tinderbox is about to explode.
Lots and lots of poeple spreading false narratives and outright lies. A muslim sympathiser in the WH and treasonous govt, and a police state.
have a look:
https://www.youtube.com/watch?v=vnuAh3esdpE
and here:
https://www.youtube.com/watch?v=EtjaVvJqghs
I have more, you really want me to go into it?
BTW, I have lived through the progressive hell that is about to unfold on Amerika, and bullets were flying as a result, this will not end well.
Respectfully, I already know the numbers and stats. You have hinted at knowledge of the order of battle if you will in terms of the breakdown of society. If you have that type of info that is what I and most "awake" others are interested in..
hmmm, a tougher question to answer. When the EBT stops, the FSA will be on the streets en masse, looking for survival and retribution. Or when stagflation or deflation really kicks in, there will be empty stomachs, and a hungry man is a dangerous one, best friend or not. Before that, the elites will run to their holes in the ground, as they will have insider knowledge. When you start to see people MIA you will know the thing has started. I will say this black lives matter BS, is not over by a long shot, and when the weather turns, you will see a lot of stuff go down. But, if you are awake, you should know this as well. Could well be the derivatives break down, as EU fades to black, due to a Grexit, or just plain stupidity, look at the Swiss. It will be community by community forming ranks, and battle will be waged, with the army and police trying to restore order, which will be heavy handed, and they will be turned on. Unless they wake up first.
Some indicators will be 10 year below 1% or north of 5%, more QE (and/or a rate hike), or a war starts overseas, or we get hit here somehow.
Beyond that, it is anyone's guess as to the order of battle, there is a problem under every rock. The US will be splintered, even worse than Europe (if you can imagine that).
I doubt that answers your question, but if you want to re-word it, or cite an example, I may be able to expound.
The 'order of battle' is contingent upon the preemptive first strike tactics of the Russian Federation. Putin knows that if he fails to nuke the USA before the USA nukes him, he and all Russians will be crispy critters before they can blink an eyelash. The US ARMY tacticians know this as well and it is likely that Putin will be first out-of-the-gate because he is the one cornered in the Ukraine debacle. Moreover, he has stated recently that he will not instigate war, but he also knows that the Americans lied to him when they stated they would not militarize and arm Ukraine. Liars like the US administration are no longer trusted or believed throughout the entire World. Americans are the next target for destruction via nuclear war and it will manifest sooner than anyone can possibly imagine if you understand Quantum Behavioural Economics
and Game Theory. The Russian Federation is prepping to turn the White House and the Pentagon into fused glass particles because they have been forced into survival mode and are cornered. Frankly,
John Kerry, John McCain, and President O'Bummer brought this on and it is a zero sum game.
This is the order out-of-chaos that will manifest soon. Hug your kids and read up on Ontology, and then try to expalin to children that leaders in this World are criminals that thought they could get away
with this type of behaviour because they lacked real intelligence and were always told they were brilliant when in fact they were extremely ignorant instead.
Good luck.
Now that is a geopolitcal analysis, and a good one at that, I was under the impression the question was societal breakdown.
some reference material:
https://westernrifleshooters.wordpress.com/2012/09/03/bracken-when-the-m...
http://www.shtfplan.com/headline-news/warning-the-american-dream-is-abou...
https://www.youtube.com/watch?v=1XA_yW7Z5OM
http://survivalcache.com/top-100-items-to-dissappear-first/
I forgot to mention that the US administration is planning for regime change in Russia and if Putin can read what we read here in the West he would know that it is only a matter of time before the US strikes at him in one way or another. Putin has few worries compared to the American Government because the Americans are the aggressor in Ukraine and the entire World knows that the CIA is chomping at the bit to usurp Putin's control. The Worldwide propaganda is skewed to the point of being obvious to all readers in the West and the East. Putin is planning strategically because his life depends on defensive strategy against all possibilities that the aggressor may throw at him. Logically, the first act of all out war will precipitate the first strike pre-emptive strategy. The only recourse to survival is to be first out of the gate on who pushes the button on the first nuclear missile launch. It is not a matter of diplomacy anymore given the Ukraine CIA interventions. In a matter of days and not months we will see nuclear war and an escalation of launched missiles from both sides IMO. Putin is no simpleton though and the US ARMY is not in a position to singlehandedly attack Russia without getting hit by China.
Further, the USA will not back off because the are overtly arrogant
and always adopt an arrogant stance with opposition. In brief, first strike pre-emption of an all out nuclear warfare scenario is exactly what the CIA and US ARMY are working towards, but by that very act of decision making it follows that Putin will end up striking first because it is strategically advantageous to launch first rather than second. The Americans are unable to launch first due to the fact that they will be crushed if they do. Putin is not about to wait around whilst the American Government launches regime change through
poisoning Putin or sending in Seal Teams to assassinate.
Universe, now THAT is some thought provoking stuff you just wrote. I do remember the Clinton doctrine of first strike, and I am sure he was not the first to embrace it, just the first to be outed publicly.
If your scenario plays out, and I happen to agree with it BTW, we are all dust in the wind, it will be over for humanity, and not history to write about.
Good luck to all, and God Bless you all.
Harvested organs from the murdered youth of Gaza are keeping this dinosaur alive. He and the rest of the We-Refuse-To-Die-Until-We-Destroy-You should be in a fucking LOCK BOX (AKA a coffin).
Go away old man. And take the rest of the walking corpses living in castles with you. You've sucked the world dry of blood. Return to Satan you fucker.
Much evidence from Ukrainian Army veterans of Military hospitals point to organ harvesting on a massive scale by Ukrainian doctors and the organ trafficers operating on a channel of crime from Kiev to Kosovo on to Tel Aviv. Wounded men with all signs of being able to survive their wounds disappear into a surgery NEVER to be seen again. I've read several first hand Ukie accounts of friends and comrads from their military wards being taken in to a surgery ward and never being seen again. Several captured Ukie soldiers have confirmed organ harvestiong as part of an Israel based trade, in which Israeli hospitals seem to have unlimited organs for transplant.
Jack Burton
Orthodox and Conservative Jews are proscribed from having organ transplants unless the organs were harvested from Jews who followed the dietary laws ["Du sollst ein Zicklein nicht in der Milch seiner Mutter kochen." (Ex 23,19 und 34,26; Dt 14,12)] of this earliest faith.
The livers, kidneys and hearts of the goyim can not be resettled inside a true Jew and must be marketed for the use of the unacceptable Reformed.
pfff, you tell the customers what they want to hear. everybody wants to live you know.
I suppose you can tell the orthodox recipent his new liver was from a frum rabbi when it really was from a schwarzie drive by.
Demon worshipers are exempt from Talmudic law.
to paraphrase Clemenceau
"Talmudic law is to law as talmudic cooking is to dog food."
do you have any links for this report? i would like t explore further - it is big news!
http://www.haaretz.com/news/national/.premium-1.530848
Costa Rican authorities announced on Wednesday that they had broken up an international organ trafficking ring that worked with Israeli doctors and specialized in selling kidneys to patients in Israel and East Europe.
Costa Rica’s Attorney General’s Office said Israeli doctors had performed kidney-removal operations on some Costa Rican “donors” who sold their organs. Authorities also said the key suspect arrested in Costa Rica, a physician, had been in touch with Israeli doctors to match up Costa Rican kidney donors with Israeli recipients.
Performing such operations is a grave felony."
http://www.wrmea.org/2009-november/israeli-organ-harvesting-from-moldova...
Sadegat’s tearful wife: “From the moment he entered the hospital, they apparently saw him only as a potential source of organs and not as a man in need of treatment. They only thought about how to do the deed without us knowing.” Sadegat’s medical condition pre-organ removal is unclear. According to an Israeli media report, “Once a heart stops beating, it is no longer fit for transplantation.”
Sadegat’s family was Israeli. Had they been Palestinian, it is doubtful they would have been able to force a hospital confession—and suggestions that the first Israeli heart transplant utilized a stolen organ would, quite likely, be termed blood libels.""
LOL, more fabricated disinformation from the usual suspects, please, donate your brain to science! On second thought, don't.
Greenspan consistently fails to predict the future. How come that those people whose predictions proved to be so terribly wrong in the past not once, but many times, still feel the urge to make statements about the future?? And with the same confidence..
If anything, he's a contrary indicator at best.
At the end of 1992, just days after Clinton’s election as president of the US, Alan Greenspan, head of the Federal Reserve at that time, went to see the new president. The famous economist and supporter of the neoliberal economy of deregulation, warned Clinton to withdraw his campaign promises for social reform, because, as he claimed, the deficit reached a dangerously high level. Greenspan told Clinton that he should cut government spending, so that interest rates would go down and the markets would boom. He believed that markets would transform America, not politics. It was the beginning of the full deregulated market for the US and the world.
Yeah, and Clinton had a boom, too. G/S told the same thing to that Texas-know-it-all twit W, as did Paul O'Neill, and them together.....Paul O'Neill details what happened:
http://www.amazon.com/Price-Loyalty-George-Education-ONeill-ebook/dp/B00...
I love the smell of an apocryphal story on the sabbath morning.
well fuck me - the senile, depends wearing billy goat drank too much metumicul orange drank and done spouted off the truth
Japan and Europe will collapse first. There will be a breif exist to the American markets and the dollar as foreign investors try to protect their wealth. Of course the American markets are not safe havens either. You should be able to see the collapse coming now. Its obvious that this system has to be reset. Protect your wealth! Buy silver while it is affordable. There is still time to trade your worthless pieces of paper for real money!
I hope that you all are already stacking silver. It is our job to help educate and wake up our friends, family, and communties. They need to be aware of what is coming. Have conversations with them on inflation, the fed, unemployment, banking, fiat currency, etc. They cannot unhear what you are saying. Giving them a candle with a silver coin will help they see the real value of money: https://www.etsy.com/shop/ScentSavers?ref=hdr_shop_menu
They will learn that a silver dime is worth 12 dimes its face value. They will realize that the dollar will continue to lose its value over time. They will know what real money is when they hold a silver eagle!
Why just Silver? Why not some Gold, Platinum in the mix?
Just bought more .45 ACP ammo yesterday. Some for target practice and some for home defense.
What is important, is to keep three months of supplies on hand including the $USD.
All my gold and silver are (BU) US mint. All my firearms are US made.
Just call me a crazy American. I can live with that! Would not want to live anywhere else. North or South of the U.S. border, I could care less what happens to them.
It is good to diversify. Most Americans cannot afford gold. The silver to gold ratio is historically around 14:1 (14 ounces of silver gets you 1 ounce of gold). Today its around 75:1. Silver is so cheap right now! I do agree that you need lead and brass as well.
Japan is dead, they just don't know it yet. Cancer rates up 6,000% in three years, exponential not linear growth.
95% of all life in the North Pacific Ocean is dead, and massive die-offs of animal populations across North America.
The economic collapses are nothing compared to the complete extermination of life on Earth, landmass by landmass, first the Northern Hemisphere, then the Southern.
Japan in two years, tops, North America in five. There's no hiding what's happening for much longer.
Uh, should this happen, and as you say: "there will be a brief exit to the American martets and the dollar" then it stands to reason that the value of the US$ related to other currencies will rise. Though not assured, such a rise often results in a decrease of the price in dollars of gold and silver. So buying silver may be a great strategy, but perhaps it might be wise for the value of the US$ to rise to buy (some/most/all) of one's intended stash.
I agree that the dollar, at some time, will continue to lose its value as it has done over the past 40 years (since the last silver dime was produced (1964), as you say it takes 12 dimes to buy one 90% silver dime, thus the dollar has lost 83% of its purhasing power since 1964 but few notice. It seems to me that what is important is not the eroding value of the currency but rather potential spikes one way or the other and it seems that a potential spike could indeed result in the increased purchasing power of the US$. Look at a graph of the price of silver or gold in the US then look in other currencies such as the Canadian $, the Austrailan dollar, or better yet, in Rubles.
I just wonder what the time frame will be for the value of the US$ to rise in purchasing power, versus the time that seems to be inevitable when the dollar crashes.
The word is: FEAR
Be afraid, be very afraid.
The end of western civilization?
No, it's just time to imprison some bankers.
Greenspan is right only when he agrees with me.
This economic stuff is so easy!
That little bit of truth won't help him at all. He is still going to hell.
When it comes to Alan Greenspan we capitalize Hell.
I think that by the end of this year it will have become clear to everyone that the euro is dead, and it was always a hopeless idea form the start.
It might be a idea for the larger economies in Europe to consider alternatives and possibly cooperation between large economies, like France and Spain for example.
Its sometimes not a bad idea to have a plan B.
Greenspan followed that with: "I will crap my diaper and there is no way I can conceive of changing it myself."
Bet he got bitch-slapped by Andrea Mitchell when he got home.
"Dammit boy, don't you know that I still work for the MSM?????"
Place Greenspan, Blankfein, Rubin, Summers, Henry Paulson, Corzine, Geithner, Graham, Wolf, John Paulson, Thain, Mack, et cetera, under arrest, send them to prison for life, and put their children into indentured servitude immediately. Bring back the Workhouses of the 18th Century and make these motherfuckers, and their entire families pay for the crimes against humanity that they engaged in. Confiscate _all_ of Alan Greenspan's stolen wealth that he appropriated from 'we the people' and END the effing FED pronto. Moreover, _never_ allow
Alan Geeenspan to open his full blown retarded mouth/brain to communicate with 'we the people' ever again. Sew his fucking mouth shut and put him in solitary confinement in the worst prison in the USA. Get the Bush family out of the political domain along with the Clinton family and jail the motherfuckers for crimes against humanity NOW before they leave the USA en masse to avoid capture. When the bitch has puppies they will be long gone to some island in the pacific to avoid capture. Take all their money from them so they are unable to purchase military protection. Take their modes of transport from them and sell everything they have to pay 'we the people' back for the crimes against humanity they commited.
NOTE: There is precious little time left to get these motherfuckers into custody so, we must act very quickly from this point on or these bastards will get away with mass murder.
There is an easier way. Push your politicans to audit the FED. Once the FED has been audited the people in the US will rise and demand the closure of this private organization. This is the day when freedom shall be regained.
Greece will be the toast of bilderberg this year.
Some truth will not be told:
Debt instruments and debt money were created by ancient “gold” money powers. They took rents on on multiple dimensions. 1) Rents between intangible ledger money and physical metal money. The ledger would grow with usury, and to pay debts – one had to go into slavery as no metal would be available in “future” money supply. Witness ancient Greece, or even Jesus being killed for silver debts. 2) Rents between exchange rate of Gold and Silver. This was the east west mechanism where volume was controlled via caravan routes. Note: Islam came into being as Mecca was an entrepot city on the caravan routes. Islam is an outgrowth of these Metal Money Purveyors, who were locking down society through money power, religion, and perverse law.
Who were these donkey caravans’ and their people? They were outcasts who lived on the edges of civilization. They were the haibiru, who can be traced back at least 3,000 years. It is also very likely they are heavily neanderthalic, so their primitive brain centers are more prone to fantasy and psychopathy than civilized people who are more cro-magnon in genetics. Ukraine and the Caspian region are where the last Neanderthals lived, high up in the Caucasus Mountains.
Astle traces to monetary history to the beginning and perverse effects of metal money:
http://www.whale.to/c/Babylonian_Woe.pdf
In “Woe’s” footnotes one can find original source documents for tracing the action of the haibaru, and their desire to usurp and control civilization.
Below is an excerpt from the Protocols. Note that Gold and Metal money is the major vehicle to usurp lawful civilization. I’ll say it again, Gold is the major vehicle. This money is international and can be melted down, spirited away, and thus collapsing the money supply of host country.
Always consider the source. If source is a member of the tribe, one has to be extra careful as their religion is an in-group at odds with consensual society. This is the verdict of monetary history; there are many attempts to re-write monetary history in order to keep these secrets from the mind of the goyim, and there are on-going attempts at hypnotizing the gullible. The lie that money is metal especially resonates in the gullible.
Money’s highest form is LAW.
1.
JEWS WILL BE SAFE
2.
THIS HATRED (toward Jews) WILL BE STILL FURTHER MAGNIFIED BY THE EFFECTS of an ECONOMIC CRISES, which will stop dealing on the exchanges and bring industry to a standstill.
We shall create by all the secret subterranean methods open to us and with the aid of GOLD, which is all in our hands, A UNIVERSAL ECONOMIC CRISES WHEREBY WE SHALL THROW UPON THE STREETS WHOLE MOBS OF WORKERS SIMULTANEOUSLY IN ALL THE COUNTRIES OF EUROPE.
These mobs will rush delightedly to shed the blood of those whom, in the simplicity of their ignorance, they have envied from their cradles, and whose property they will then be able to loot.
What cha smoking, dude?
The Maestro needs to feel pain otherwise the next Maestro will do the same thing. I am not sure how to do so, but the loop must be stopped.
Just rename the damn European Union with North Side Connection and get the damn thing over with already.
Before, it was the PIGS: Portugal, Italy, Greece and Spain and Greece held the coveted title of 1st domino.
But now that nobody is projecting falling domino's, the other member countries are ok with a Grexit truth be known.
I think AG is intellectually dishonest and it works for him apparently, but he's not a font of wisdom by any means.
Alan Greenspan said "Gold Is Currency; No Fiat Currency, Including the Dollar, Can Match It."
I haven't seen anyone walk into a store and pay for anything with gold coins. Neither have i seen anyone recieve gold coins as change for a purchase. Thus gold is not currency.
When the mint starts stamping gold coins with a face value of X dollars and people use them to buy gasoline or whatever at the face value of the coin, then gold will be currency.
Comments like yours crack me up. People don't buy Gold, Silver or Platinum for day to day purchases.
It's for insurance and collateral against a failed banking system. Just what don't you get? I think you are to trusting thinking that everything is going to be A-OK.
When the EBT cards don't get filled anymore. When pensions take a drastic haircut, it's when it's not safe to go outside anymore. Get it?
"Comments like yours crack me up. People don't buy Gold, Silver or Platinum for day to day purchases.
It's for insurance and collateral against a failed banking system." Ergo, it's NOT currency, but an asset against claim of creditors, which may be bartered, but it is NOT currency. Remeber, too, that banks really are not creditors, they are intermediaries. The creditors are actually depositors who expect the internediary (the bank) to prudently produce a return on those deposits.
Oh, and the whole notion of gold as a safe haven is that it is NOT currency controlled by the issuing government which cannot therefore be debased.
Nobody ever went broke holding gold when fiat currency went into crisis. IF, you had held Gold in Russia recently, instead of rubels in the bank, you would have been protected fully from the rubel collapse. One small example of why gold is never wrong.
Not saying it is wrong at all. I'm just agreeing it is not a currency controlled by a government, which is what makes it attractive. That, and because of it's value to weight, it can be easily partitioned and traded unlike land, cows, etc. And because it cannot be easily produced, debasement is nearly impossible. But it can still be confiscated by the government, or the government can try to control value via various means, like mandating it's value be equal to a set number of units of its currency, market manipulation, etc. It's got a lot going for it, though. But it's not, thank goodness, currency, which is a government and banker's invention.
I call, and raise YOU 16 TOZ.
There are already 'mom and pop' gas stations in rural areas in the US that have handwritten signs saying you can use a silver coin dated before 1965 to use as payment for gas. The amounts for a gallon change with the value of silver. When the SHTF we will see more business accepting junk silver and silver eagles for goods and I'm sure there will be some corresponding barter system in place with gold coins.
drat...
I'd like to go on record that I will accept gold and silver or other PMs or cash for anything I have for sale. Mekka no difference to me.
well, soft dick, you apparently have never had to sell the jewels at a pawn shop to keep the power goings .
I always keep a small packet of scrap gold in my purse, usually around 3-400 dollars worth. The idea is to always have some extra funding on hand, just in case.
How it works for me is like this...I go out to my little estate sale thingys, and there's so much good stuff I run out of cash. So, I head over to the 'gold guy' in the area (You have to know your 'gold guys'...) and hand him some of the pieces in my packet. He tests them, hands me cash, and I continue shopping within 10-15 minutes.
Mind you, this isn't a significant selling of gold on my part...just a few odd bits, broken earrings, etc to get some petty cash on those rare days I run out. I HOLD everything else. But the point is that even if gold isn't technically a currency, it sure as hell works nearly as well for me, as it allows me to quickly access extra currency when needed.
The importance of this was not lost on me...that kind of liquidity might come in handy one day. If banks close, and I can't get cash with my ATM card, if markets crash and I can't sell my stock holdings fast enough, I'm pretty sure I'll be able to get my hands on some cash by exchanging some of that gold, and as long as I have gold in my hands it reassures me like no financial instrument has ever done...
Now, a rant about banks...
Funny, when I only kept my money in banks, I was ALWAYS worrying over it. What's going in, out, when do the fees hit, what if there's mistiming and you go into temporary overdraft, all that crap. And I NEVER knew exactly what I HAD at any given time, as something was always coming that could change things. We have direct deposit, and the same deposit gets made every 2 weeks, has been for over a DECADE, yet they can't put any incoming charges on hold till the next day? When they KNOW the deposit is coming? They hold off on plenty of things when it suits them, controlling the inflow and outflow of their cash is their BUSINESS, yet all I hear is "This is how the system is set up", and "Come in and speak with so-and-so, see if they'll waive the overdraft fee..." And a suggestion that next time, if I know something will 'cross', to stop payment on it, for a fee of course. Then I have to contact someone and tell them their check might 'bounce', and to retry. Great, just what I wanted to have to do during my busy day for NO FUCKING REASON when the damned bank could have just posted it to the account the NEXT MORNING instead! The "attempt" by my own bank to debit my account several hours before they know the deposit comes in when they KNOW it will bounce is pretty shitty behavior, and is just to generate the 'fee', which I can go out of my way to fix, or just accept.
Yeah, I COULD go all anal and try to micro-manage everything so I can stay ahead of the fuckers and their timing issues, but why the hell should I HAVE to? This isn't my business, my JOB. I have my OWN damned shit to do. I put the damned money IN the bank so I wouldn't HAVE to worry over it...now I have to do it anyway? AND pay fees for it?
I can pay my bills as they come in, almost always...I can handle the odd late payment easily on my own. What I can't handle is this whole Theater of the Absurd Ballet of Computerized Finance Timing that sucks more and more of MY time trying to keep up with it.
What sane person could possibly think this is a good thing? Finance, for most of us, should be pretty basic, something we can leave towards the back burner as we get on with whatever it is we DO. Instead, it is becoming so complicated that we ALL end up having to put it front and center, regardless of our other obligations. And abilities...most of us who are being forced to do more active managing really have no idea what we're doing, and shouldn't be screwing around the way we do...
The direct simplicity of gold and silver when compared with all the soul-sucking complexity of all the various banking fiat schemes is very soothing, very seductive. It's what most of us need. For us, there should be silver and gold currency, rigid and unyielding as it is. That 'anchor' keeps the adventurous from going off to explore, but it keeps the rest of us (who are not sailors and may not even know how to swim..) from getting completely lost at sea.
The fiat should be for the big banks, the "investors", the speculators and hopeless gamblers...they can crash it if they want without hurting all the rest of us.
The people who complain about the rigidity of gold are the same ones who think constant growth is good, or even possible. They can't get that under the discipline of hard physical currency with it's own value, their growth projections can't be 'financed' today because they are subject to natural law, not the dreams of financiers. They have to borrow their money from the real market TODAY, at a fair price, instead of borrowing it from the future at artificially low rates and sticking you with the inevitable defaults when loans are being given away free with tanks of gas...
You write nicely. When you decide to fire your bank, write this same letter, only maybe more to the President of your bank. The higher the better. Mark it personal and include things like a cut up statement or a credit card, if applicable.
It won't make a lick of difference to them, but it will make you feel better....
You are correct...
"Gold is not currency"
Gold is money, nothing more, nothing less. It's WHY Central Banks hold it.
Oh look ma, it's the Greater Germanic Reich union....ooops...the Northern European Union.
So, the Nazi's did win, it's called the EU, because it sounds a whole lot better than Großgermanisches Reich Deutscher.
Iceland...
...Let the shivers run down the banksters lack of spine!
i swear maggots never die
And they say cockroaches could survive a nuclear blast...
....and that too is the solution to what ails the disUnited States.
Georgia was entirely correct in 1860 and Lincoln ---that son of bitchin' mass murderer----- totally wrong to stop them.
There is no advantage but to the top echelon in consolidations; EVERYONE else under them loses.
What the hell kind of sense does it make for Monatana and Florida to be in the same fraternity???? Or New Mexico and Connecticut????
If you've travelled around Europe, or other parts of the world for that matter, the cultural unity of the United States is striking. For better or worse, the people in Montana aren't that different from the people in Florida, same for Connecticut and New Mexico. We speak the same language (mostly), have essentially the same legal code based on common law, share most ethical ideals. Accepted levels of corruption/legality aren't that different in any of our states (well maybe Louisiana). The banking system is prertty uniform from state to state, and the political conflict between conservatives and liberals doesn't vary that much.
Now in Eurpoe they can't even talk to each other without getting confused. The traditional legal systeams are different, the standards of taxation, corruption, politics, work ethic are completely different. There is no way you can create a poltical union unless you just kill everybody and start over, which has also been tried many times. There have been innumerable attempts to unify Europe (Napoleon, Hitler, Charlemagne etc.), and the only successful one was the Roman Empire because the peoples of Europe were completely different before that. The Romans brought science, technology, legal systems, monetary systems, cultural and religious diversity and above all peace to the whole continent that had none of that. The EU is just another attempt to unify Europe. It is less miltaristic, but we can now see that it is just as acrimonious and destructive as the others.
Part of the charm of Eyrope is all the cultural diversity. Even within countries there can be quite a lot. Look at the differences between Northern, central, and southern Italy for example, Northern France versus Southern France. Waloon Belgium versus Flemish Belgium, Cornwall versus Scotland, etc, etc.
That is a poor argument. Scotland and Cornwall use the same currency. The problem in Europe is not cultural but economic and no entity solves that without transfer payments. The US functions because of FEDERAL Government transfers.........Europe does not want that because Gerany will bleed to Romania. Already 30,000/month are supposedly coming from Kosovo and how many ukrainians would come given the chance......? This Euro was the French Price for German Unification and it has destroyed Europe
Oh, there are indeed cultural differences in Europe, and it is these which create the various economies in those countries. You've got Germany and the northern crew, whose cultural heritage results in a labor force that sees hard work as almost a religious obligation. They see work as cleansing, something to be pursued in it's own right and not just to serve one's own immediate needs. And the climate puts such work on a very strict schedule.
Then you have the southern tier, as you head towards the equator you start to see a more laid-back attitude towards labor. Places with year-round growing seasons and beaches and warm ocean waters that can be comfortably fished year-round allow for a more relaxed attitude towards work, and you see that reflected in such traditions as the siesta in Mexico, which can go on for several hours...imagine a German allowing his workers a 2 1/2 hour break every day. And why would the workers even want that? Where would they go, especially in winter, might as well just stay at work and make more money.
Most societies developed around their farming, so shorter growing seasons make for more active and bustling work habits, as you've only got so much time to get the fields tilled and planted. More temperate climates allows for more relaxation, as you are never frozen out and can grow something year-round. These societies developed very different cultural attitudes towards work, and those attitudes still prevail today. So even though the Greek and the German are both European, they are very different KINDS of European, and the Germans appear to have forgotten this. They have been trying to goose Greeks economy into 'growing' up to German standards, which will never succeed and just end up wasting everyone's time and resources.
Kinda like what's been happening thus far.
like your holistic take
a bit more refreshing than the simple-minded "they need to work harder/be more fiscally responsible/be more like us" arguement
although technically they do need to do that a bit, but it's ok, hard times will do that for them when a relatively comfortable climate did not
Well, I believe that everything we do, and the different cultural attitudes we have, developed initially in response to something. Something in the environment where the culture gets its start. Either that, or entire peoples up and decide collectively to become hard-working, or laid-back. Since you couldn't get such consensus among people for ANYTHING, the idea that the Germans would all agree to work their asses off unless they HAD to didn't seem believable.
Then you examine their environment during their beginnings, and that of all of northern Europe, and see that they've ALWAYS had a tradition of bouts of frenetic energy and great productivity. They HAD to. Spring comes hard and quick, and you've got mere weeks after thaw to till and plant. And all hands had to help...there WERE no welfare recipients, idleness could not be tolerated because it could not be supported in the environment. Eventually, the notion of such continual labor becomes the heroic norm, because people naturally seek to enoble their choices and lifestyles. (Or they must explain why they'd choose it.)
People work hard in Greece too, don't get me wrong. But the struggle for a reliable food source is just easier in friendlier climates, so their beginning civilizations developed different notions about work...what it is, what it's for. They could develop more specialized types of work, and support larger populations with more leisure time. That's why civilization began closer to the equator, and why there are no Eskimo city ruins.
Naturally, the guy of German heritage would look at all these lazy slobs, then bring his 'work ethic' into that rich environment, and end up running (and owning) the place.
Good analysis. but the problem is that the southerners want the same standard of living as those in the north without all that messy worky stuff.
Arrest Alan Greenspan for treason. End the FED and close the TBTFs. Redistribute their stolen wealth.
Fuck yeah...it's the most logical thing for the world to do.
Germany and Holland will be the new Eurozone?
No. Andorra, Vatican City and Southern Germany.
Greenspan is at the point where he's just making random noises. I think he was borderline senile by the time he became head of the Fed, and where he wasn't confused he's often been dead wrong, by his own admission. So now he's simply regressing, and seems largely unaware of new events since 2008, or more like 1988, when the Euro wasn't adopted until 1992. Oops.
Alan Greenspan
But you left out an important part of Greenspan's quote:
I said when the euro idea was first talked about, great idea for an in EC reserve currency bad idea for a real currency.
if you want to buy something from italy and sell it in germany and you are in england and not use the evil USD its a great idea.